Over the past few days, Bitcoin’s impact on the rest of the crypto-market couldn’t be more apparent. With the world’s largest cryptocurrency finally finding its feet, the rest of the market followed suit, with many of its altcoins recording substantial gains. For many of these alts, Bitcoin’s hike came at a good time since a lot of them like Litecoin and EOS had exhausted their bullish momentum. For others like Dogecoin, however, the surge had little effect on its price performance.
The silver to Bitcoin’s gold, Litecoin had been stagnating on the charts before the aforementioned hike pushed LTC’s price north on the charts. In fact, so significant was Litecoin’s Bitcoin-assisted price surge, that the crypto climbed by almost 30% on the charts in the week since. And while the crypto had stabilized somewhat at the time of writing, LTC was still trading at levels way ahead of any it had touched in the last few months.
The scale of Litecoin’s improved price performance was underlined by its technical indicators as well. While the Parabolic SAR’s dotted markers were well under the price candles and pointed to a bullish market, the MACD line was surging over the Signal line on the charts.
On the development front, there haven’t been any recent updates for Litecoin. However, crypto-custodian Anchorage did announce support for LTC recently.
EOS, once a popular mainstay in the top-10 of the cryptocurrency charts, isn’t there anymore, with the crypto ranked 11th at the time of writing, having been overtaken by the likes of Cardano and Crypto.com Coin in the last few months. Before Bitcoin’s surge pulled its price north, EOS’s market was noting lots of topsy-turvy movement, with its charts punctuated by a series of hikes and falls. The latest price hike has, however, pushed the crypto into breaching its immediate resistance on the charts.
In fact, since Bitcoin pumped, EOS is up by 17.3% on the charts.
The mouth of the Bollinger Bands was expanding at the time of writing, a development that suggested that the EOS market was in for a growing degree of volatility. Further, the Awesome Oscillator pictured rising bullish momentum.
EOS was in the news recently after it was revealed that it has been chosen for integration with China’s Blockchain Service Network.
While Dogecoin may have begun the month of July with a bang, it is ending it with a whimper. Since the spectacular surge in its price when a TikTok video about Dogecoin went viral, DOGE has seen extraordinary corrections of the charts. In fact, DOGE, at the time of writing, was down by over 33% since it hit its ATH in the first week of the month.
Bitcoin’s price surge didn’t make a lot of impact on its own performance either. The Chaikin Money Flow, while it did climb to correspond with the latest market hike, was soon falling at the time of writing. On the contrary, the Relative Strength Index was holding firm right between the oversold and overbought zones.